Top Story
The Week in Review
• US stocks fell early in the week as heightened geopolitical tension and hawkish comments from the Fed may have soured the mood on Wall Street. House Speaker Nancy Pelosi’s trip to Taiwan potentially left the market rattled. Meanwhile, Russia’s invasion of Ukraine has already weighed on equities for several months.
• Analysts contend investors are expecting a less hawkish Fed going forward. The central bank enacted a 75-basis-point hike last week in an attempt to cool off inflation. There’s a sense future hikes could be smaller, effectively slowing the pace at which rates will rise.
• Overseas, the Bank of England forecast a prolonged recession for the UK. That may have weighed on sentiment overall and likely contributed to falling energy prices. As economic growth slows, so does demand for oil and gasoline.
For more economic news and how it affects your money, visit the SoFi app.
Your Credit Card Utilization Matters Nearly as Much as Your Payment History. So What Does That Mean?
When it comes to what affects your credit score, one of the most important factors is how much credit you have available vs. how much debt you currently have. Called your credit utilization, you can calculate this number by dividing your outstanding debts by your total credit available.
Let’s say you have three credit cards with a total credit limit of $30,000. You owe $3,000 in total. So your credit utilization would be:
3,000/30,000=0.10
Your credit utilization of 10% (you’re using 10% of your total available credit) is great, as lenders generally want to see a utilization rate below 30% to approve a loan application.
Track your credit score for free in the SoFi app, where the factors affecting your score are broken out to make them easier to understand.
This Week’s Top Stories
Recession concerns are building. That could be good news for homebuyers.
Amid evidence the economy’s growth is slowing, negative expectations about the future are helping to rein in mortgage rates. The average rate on a 30-year fixed mortgage just fell below 5% for the first time in months. Here’s what could be coming on the buy side.
Read more >>
How to navigate the hot rental housing market without getting burned. More Americans are abandoning the American dream and seeking refuge from the sky-high costs of buying a home.
Unfortunately, they are finding that renting doesn’t offer much relief. If you’re thinking of moving to achieve a lower cost of living, some markets are better than others. Here are some tips to win at the rental housing game.
Read more >>
Companies know workers don’t want to go back to the office. Tech firms, many of which helped make remote work possible during the scramble of 2020, are now focused on reversing the trend.
Even hybrid work schedules require new thinking in terms of food, conference rooms, security, and air quality. Now tech companies are developing software and apps that aim to boost the in-office experience. Anyone for a yoga class on their lunch break?
Read more >>
Deep Dives from SoFi Learn
If you’re worried about what would happen to your money during a recession, read this advice on protecting your finances in a bad economy.
These five steps can help you prepare for any type of economic slowdown, now and in the future.
Read more >>
Rental-friendly upgrades exist! We've got some rental friendly renovations that can make your house feel more like a home.
Renter-friendly updates may not mean updating your kitchen cabinets or even painting a wall, but there are some relatively cheap and fast ways to instantly update your rental.
Read more >>
To enjoy a secure retirement as a couple, you’ll need to create a detailed financial plan with room for various contingencies.
First determine your retirement expenses by projecting costs for housing, transportation, food, health care, and nonessentials like travel. Then consider all sources of retirement income, such as Social Security, retirement accounts, and pensions.
Read more >>
